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Mar 31, 2024
LendingClub Q1 2024 Earnings Report
LendingClub reported strong originations and credit performance, driving its 12th consecutive quarter of GAAP profitability.
Key Takeaways
LendingClub Corporation reported financial results for the first quarter ended March 31, 2024, with a net income of $12.3 million and diluted EPS of $0.11. Loan originations remained strong at $1.6 billion, and the company's total assets grew to $9.2 billion. The results reflect the company's operating discipline, strong credit performance, and continued innovation.
Total assets increased to $9.2 billion, primarily reflecting growth in securities related to the structured certificate program.
Loan originations remained comparable to the prior quarter at $1.6 billion.
Net income increased to $12.3 million, with diluted EPS of $0.11.
Deposits totaled $7.5 billion, driven by increases in high yield savings and certificates of deposit.
Revenue by Segment
Forward Guidance
LendingClub provided financial outlook for the second quarter of 2024.
Positive Outlook
- Loan Originations: $1.6B to $1.8B
- Pre-Provision Net Revenue (PPNR): $30M to $40M
Historical Earnings Impact
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Avg. Return Before/After Earnings
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